Polycentric governance, as conceptualized by the Nobel Laureate Elinor Ostrom, has been widely celebrated as a promising approach to fostering inclusive innovation ecosystems in the Global South. By emphasizing the coordination of multiple decision-making centers and the engagement of diverse stakeholders, polycentric systems are believed to enhance the inclusivity and responsiveness of innovation processes, crucial for addressing societal challenges and promoting equitable development. However, this article argues that the theoretical and practical application of polycentric governance may not adequately address the inherent power structures and complexities within inclusive innovation ecosystems. Drawing on critical analysis, empirical evidence, and complementary theoretical perspectives, this paper interrogates the limitations of polycentric governance and proposes a more nuanced, multidimensional framework for inclusive innovation governance in the context of the Global South.